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Startups hit hard by layoffs
In a post coronavirus world, cutbacks and layoffs are inevitable as companies big and small struggle with financial insecurity. Despite the government’s CARES Act, many companies have not been able to get the promised loans. On the other side of the equation, payouts to families have been slow to appear in bank accounts, and those families scheduled to receive check payments may have a long wait.
The situation is even worse in the tech startup community where companies rely on investor funding to keep the doors open. Startups are finding it difficult to get that next crucial cash injection and CNBC reported more than 4000 layoffs.
